Lubbock Economic Development | TxEDC (2024)

FAQs

What drives Lubbock economy? ›

Known as the “Hub City” of West Texas, Lubbock has a diverse economy rooted in manufacturing, agriculture, wholesale and retail trade services, with growing industries in education and health care.

Lubbock's economy for the first quarter holds steady, but future activity will remain mixed as inflation remains stubborn. Retail sales for March 2024 are up 8.01%. YTD retail sales are up 4.56% from last year. New vehicle sales saw a 6.98% decrease from last March, while used vehicle sales are also down 13.87%.

OTHER FUN FACTS:

Birthplace of rock 'n' roll legend Buddy Holly. Home to award-winning wineries and more than 80% of Texas wine grape production. More music venues per capita than any other city in Texas. More neighborhood parks per capita than any other city in Texas.

Texas Tech University and agriculture have shaped Lubbock's development since the early 20th century. Education, health, retail and food sectors are major contributors to economic activity.

The two main sectors driving Lubbock's economy are education and health care.

Texas Tech is the largest employer in Lubbock.

Aside from being the home of Texas Tech University, Lubbock is famous for the musical acts that hail from the city like Buddy Holly or Waylon Jennings, fine dining, museums, a rich art and culture scene but also for its friendly, hospitable atmosphere.

Home to all four varieties of peanuts, the Southern Plains is the hub for America's favorite pastime snack as well. And, from beef cattle to dairy cows and pigs to poultry and sheep, the region's livestock operation grazes on approximately 37,000 square miles of terrain.

Texas' economy continues to grow: Houston, Dallas, and Austin, three of Texas' largest cities, are among the nation's leaders in overall financial health. Texas GDP places Texas in the top 10 largest economies worldwide.

The 5 largest ethnic groups in Lubbock County, TX are White (Non-Hispanic) (51.4%), White (Hispanic) (18%), Two+ (Hispanic) (10.8%), Other (Hispanic) (6.82%), and Black or African American (Non-Hispanic) (6.51%).

What is the quality of life in Lubbock Texas? ›

With a below-average cost of living, short commute times, thriving multi-business industry and an ideal location for young families, it's no wonder Lubbock has recently ranked among the top cities across the country for best work/life balance, thus resulting as a top 10 city to raise a family in the United States.

37.6% of the people in Lubbock, TX are hispanic (97.1k people).

2023. Lubbock ranked No. 5 of 20 fastest-growing, most affordable cities in the U.S.

The cost of living in Lubbock is very affordable. In 2021, Lubbock was voted the ninth-most affordable city in the United States. That's no mean feat. At nearly 8 percent below the national average, housing, transportation, and rent prices are more affordable than comparably sized U.S. cities.

Yearly Exports

In 2023 the top exports of Lubbock, Tx were Taps, co*cks, valves and similar appliances,... ($19.8k), Hydrometer, pyrometer, hygrometer, alone or combined ($3.78k), and Articles of vulcanised rubber nes, except... ($2.52k).

Aside from being the home of Texas Tech University, Lubbock is famous for the musical acts that hail from the city like Buddy Holly or Waylon Jennings, fine dining, museums, a rich art and culture scene but also for its friendly, hospitable atmosphere.

A city founded upon its agriculture industry, today the sector remains the backbone on the local economy through agricultural manufacturing, distribution and farming. As they say, cotton is king in the Southern Plains, which stands to reason as the Lubbock area accounts for nearly ¼ of the nation's cotton production.

With a unique blend of western heritage and community pride, Lubbock is called the "Hub City" because of its position as the economic, education and health care center of the south plains.